HomeMy WebLinkAboutECHDA21-05 Town of MinturnINTERGOVERNMENTAL AGREEMENT BETWEEN
EAGLE COUNTY HOUSING AND DEVELOPMENT AUTHORITY
AND THE TOWN OF MINTURN
This Agreement made this ________________, by and between the Eagle County
Housing and Development Authority, a body corporate and politic ("ECHDA") and the Town of
Minturn, a municipal corporation (the "Town").
WITNESSETH
WHEREAS the Town has a portfolio of deed restricted housing units which are managed
in accordance with its Town of Minturn Community Housing Ordinance and Resolution dated
July 1, 2020 (the “Guidelines”); and
WHEREAS, the median price of free market housing in the Town of Minturn exceeds
what residents earning the area median income can afford, creating a lack of housing affordable
for the local workforce of the Town; and
WHEREAS, the Urban Land Institute recommended forming a regional housing body to
address the lack of affordable housing with participation from public and private sectors
throughout Eagle County; and
WHEREAS, ECHDA, in a multi-jurisdictional effort, has opened a centralized affordable
housing management organization known as The Valley Home Store (“TVHS”) to provide one
physical and electronic location in Eagle County to purchase housing stock affordable to Eagle
County’s workforce; and
WHEREAS, the Town desires to contract with ECHDA for the performance of the
hereinafter described affordable Housing Services on the terms and conditions hereinafter set
forth; and
WHEREAS, ECHDA is agreeable to rendering such Affordable Housing Services on the
terms and conditions hereinafter set forth.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants, conditions and promises
contained herein, the parties hereto agree hereby as follows:
1. Services or Work. ECHDA agrees to diligently provide all services, labor, personnel
and materials necessary to perform and complete the services or work described in Exhibit A
(“Services” or “Work”) which is attached hereto and incorporated herein by reference. The
Services shall be performed in accordance with the provisions and conditions of this Agreement.
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6/1/2021
ECHDA21-05
In the event of any conflict or inconsistency between the terms and conditions set forth in Exhibit
A and the terms and conditions set forth in this Agreement, the terms and conditions set forth in
this Agreement shall prevail.
2. Term of the Agreement. This Agreement shall commence upon the date first written
above, and subject to the provisions of paragraph 11 hereof, shall continue in full force and effect
through the 31st day of December, 2021.
Either party shall have the right to terminate this agreement with or without cause at any time by
giving the other party thirty (30) days' prior written notice of termination. Upon termination,
ECHDA shall be entitled to compensation for services performed prior to such termination, and
both parties shall thereafter be relieved of any and all duties and obligations under this
Agreement.
3. Extension or Modification. Town and ECHDA may mutually renew and extend the
Agreement for additional one-year terms. Such renewal and extension shall occur by Town
sending via e-mail a renewal request ("Renewal Request") to ECHDA. ECHDA may accept the
Renewal Request via e-mail. Any other change or modification to the Agreement shall be in
writing signed by each party. The Minturn Town Manager may approve Renewal Requests and
rate adjustments on behalf of the Town.
4. Compensation. Town shall compensate ECHDA for the performance of the Services in a
sum computed and payable as set forth in Exhibit A.
a. Payment will be made for Services satisfactorily performed within thirty (30) days of
receipt of a proper and accurate invoice from ECHDA. All invoices shall include detail
regarding the hours spent, tasks performed, who performed each task and such other
detail as Town may request.
b. Notwithstanding anything to the contrary contained in this Agreement, Town shall have
no obligations under this Agreement after, nor shall any payments be made to ECHDA in
respect of any period after December 31 of any year, without an appropriation therefor by
Town in accordance with a properly adopted budget.
5. Official Status. For the purpose of performing the Services and functions set forth in this
agreement, Eagle County Housing and Development Authority and The Valley Home Store shall
enforce, as the Town’s agent, the Guidelines and any Town ordinances relating to affordable
housing now in effect and as amended.
6. Personnel. ECHDA and TVHS and their respective staff shall have full cooperation from
the Town of Minturn and its employees, so as to facilitate the performance of this Agreement.
a. All persons employed in the performance of such Services for the Town of Minturn,
pursuant to this Agreement, shall be employees of Eagle County Government. Staff
working at TVHS are licensed real estate agents in the state of Colorado. The Valley
Home Store is a licensed real estate brokerage company.
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b. The rendition of the Services provided for herein, the standards of performance, the
discipline of staff, and other matters incident to the performance of such services and the
control of personnel so employed, shall remain with ECHDA.
7. Liability and Insurance. ECHDA, its officers and employees, shall not be deemed to
assume any liability for intentional or negligent acts, errors, or omissions of the Town or of any
officer or employee thereof. Likewise, the Town, its officers and employees, shall not be deemed
to assume any liability for intentional or negligent acts, errors or omissions of ECHDA or by any
officer or employee thereof.
a. ECHDA agrees to indemnify, defend and hold harmless to the extent allowed by law, the
Town, its respective agents, officers, servants and employees of and from any and all
loss, costs, damage, injury, liability, claims, liens, demands, action and causes of action
whatsoever, arising out of or related to ECHDA's intentional or negligent acts, errors or
omissions or that of its agents, officers, servants, and employees, whether contractual or
otherwise. Likewise, the Town agrees to indemnify, defend and hold harmless to the
extent allowed by law, ECHDA, its respective agents, officers, servants and employees of
and from any and all loss, costs, damage, injury, liability, claims, liens, demands, action
and causes of action whatsoever arising out of or related to the Town's intentional or
negligent acts errors or omissions or that of its agents officers, servants and employees,
whether contractual or otherwise.
b. ECHDA and the Town shall respectively provide its own public liability, property
damage, and errors and omissions insurance coverage as each party may deem adequate
and necessary for any potential liability arising from this Agreement. Further, ECHDA
and the Town, respectively, shall name, subject to the approval of each respective party's
insurance carriers, the other respective party as a co-insured under such insurance
policies to the extent of any potential liability arising under this Agreement and, upon
reasonable written request, shall furnish evidence of the same to the other respective
party.
8. General Provisions. All notices, requests, consents, approvals, written instructions,
reports or other communication by the Town of Minturn and ECHDA, under this Agreement,
shall be in writing and shall be deemed to have been given or served, if delivered or if mailed by
certified mail, postage prepaid or hand delivered to the parties as follows:
Eagle County Housing And Development Authority
Attention: Kim Bell Williams, Executive Director
500 Broadway
Post Office Box 850
Eagle, CO 81631
Telephone: 970-328-8773
Facsimile: 970-328-8787
E-mail: kim.williams@eaglecounty.us
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With a copy to:
Eagle County Attorney
500 Broadway
Post Office Box 850
Eagle, Co 81631
Telephone: 970-328-8685
Facsimile: 970-328-8699
E-mail: atty@eaglecounty.us
TOWN:
Town of Minturn
Attention: Michelle Metteer, Town Manager
301 Boulder St #309
Minturn, CO 81645
Telephone: (970)827-5645 x8
Facsimile: (970) 827-5545
E-mail: manager@minturn.org
Either party may change the address to which notices, requests, consents, approvals, written
instructions, reports or other communications are to be given by a notice of change of address
given in the manner set forth in this paragraph.
a. This Agreement does not and shall not be deemed to confer upon or grant to any third
party any right to claim damages or to bring any lawsuit, action or other proceedings
against either the Town or ECHDA because of any breach hereof or because of any
terms, covenants, agreements or conditions contained herein.
b. No modification or waiver of this Agreement or of any covenant, condition, or provision
herein contained shall be valid unless in writing and duly executed by the party to be
charged therewith.
c. This written Agreement embodies the whole agreement between the parties hereto and
there are no inducements, promises, terms, conditions, or obligations made or entered
into either by ECHDA or the Town other than those contained herein.
d. This Agreement shall be binding upon the respective parties hereto, their successors or
assigns and may not be assigned by anyone without the prior written consent of the other
respective party hereto.
e. All agreements and covenants herein are severable, and in the event that any of them
shall be held invalid by a court of competent jurisdiction, this Agreement shall be
interpreted as if such invalid Agreement or covenant were not contained herein.
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f. The Town has represented to ECHDA and, likewise, ECHDA has represented to the
Town that it possesses the legal ability to enter into this Agreement. In the event that a
court of competent jurisdiction determines that either of the parties hereto did not possess
the legal ability to enter into this Agreement, this Agreement shall be considered null and
void as of the date of such Court determination.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and
year first set forth above.
EAGLE COUNTY HOUSING AND
DEVELOPMENT AUTHORITY
By: _____________________________
Matt Scherr, Chair
Attest:
By: __________________________________________
Regina O’Brien, Clerk
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TOWN OF MINTURN
By:
John Widerman, IV, Mayor
Attest:
Jay Brunvand, Town Clerk
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EXHIBIT A
SCOPE OF SERVICES AND FEES
The Valley H ome Store, LLC (TVHS) was formed by the Eagle County Housing and
Development Authority (ECHDA) in 2008 to be a multijurisdictional housing management
organization that provides centralized services without requiring participating entities to cede
control over local housing policy. ECHDA is the majority member ofTVHS with 99.9%
ownership. Economic Council of Eagle County is the only other member of the LLC. One goal
of TVHS was to provide a single point of contact to affordable housing programs and consumers
and thereby eliminating confusion, duplication of services, and cost inefficiencies. TVHS
desires to elimi nate redundancies and create common nomenclatW'e for affordable housing
programs tlu-oughout Eagle County.
TVHS currently manages and administers nine deed restriction programs thrnugh agreements
with four different organizations. The administrative component includes qualifying buyers,
annual residency affidavits, approving capital improvements, facilitating sales, and acting as a
resource for Realtors, appraisers and lenders. TVHS also provides free education to the general
public, foreclosure prevention or mitigation counseling, offers down payment assistance
programs, and serves as a rental resource for the community. TVHS staff strives to provide
excellent customer service in all of their work, evidenced by positive customer service surveys.
TVHS staff are licensed Realtors and experienced in the resale of deed restticted housing units.
All services offered by TVHS will be available for buyers or owners of Town of Minturn
housing units.
All Services described below will be provided by ECHDA through TVHS.
1. Refenal Services. The following services, hereinafter referred to as the "Referral
Services" will be provided to the Town of Minturn (Town) by TVHS:
TVHS will serve as a referral agency and resource to the Town, developers and Realtors on the
Housing Plan regarding the requirements set f01th in the Town's Ordinance No. 7, Series 2020
regarding affordable housing, as may be amended from time to time, on a project by project basis
as new units are brought to market. TVHS will review and consult in the land use process on a
formal Housing Plan, and as a referral agent to consult on the following m atters:
a. Assist developers and Realtors in understanding Ordinance No.7, Series 2020 and
provide basic initial analysis including initial maximum sales price and market
analysis.
b. Review as requested Housing Plans and provide analysis to Town staff and/or
Town Council.
c. Attend work sessions with the Town Council or Planning Commission as
requested and provide recommended best practices.
d. Assist developer and/or Listing Broker with initial deed restriction application and
marketing development.
e. Qualify and approve initial buyers.
f. Prepare and provide required deed restricted documentation for initial closings.
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>!<Compensation for the R e fe1rnl Services will be billed at the rate of $60/hour. Invoices for
Referral Services will be sent on a monthly basis, and due within thirty (30) days of the date of the
invoice.
2. Sale and Resale Services. TVHS will assist with future sales and resales of the Town's
deed restricted housing stock.
a. Includes all aspects of sales, from listing tlU'ough closing of the unit ensuring
compliance with all aspects of the deed restrictions.
b. TVHS staff will hold 2 open houses for each listing and/or provide individual unit
showings as appropriate.
c. TVHS will cause units offered for sale to be advertised in accordance with the
Guidelines.
d. TVHS will assist sellers, buyers, lenders, and appraisers through the process.
e. A TVHS representative will be physically present at the closing of all units to
assist the buyer through the closing of the unit.
f. TVHS will comply with policies and procedures outlined in the Guidelines, as
may be updated from time to time.
**Compensation for the Sale and Resale Services to TVHS shall be the receipt of2% of the deed
restricted sales paid by the seller or as otherwise outlined in the deed restriction.
3. Community Resource Services. TVHS will serve as a resource to Town and consumers
regarding the Town's affordable housing program as follows:
a. Communicate Town's information on TVHS website.
b. Provide at least one (1) in person Homebuyer education course, either in person or
in a vhtual setting.
c. Provide individual credit counseling or budgeting sessions to buyers or owners of
Town units or down payment assistance programs.
d . Attend work sessions with the Town Council or Planning Commission as
requested.
e. Provide best practices and recommendations for Housing Guide lines and/or down
payment assistance program, if needed.
4. Compliance Services. For t he Town's employee housing units, TVHS will:
a. Send owners/occupants up to 3 requests for affidavits and compile responses.
b. Provide a list of outstanding affidavits to Town by a mutually agreed upon date.
c, Make best eff01ts to inform the Town of any non-compliance issues.
d. Cooperate in Town enforcement actions through sharing of information.
e. For Compliance Services, the Town will maintain responsibility for enforcement
and reimburse TVHS for any actual costs associated with providing these
services, including mailing costs, if any.
5. Future Lotte1y Process. For future housing stock, the TVHS will:
a. Work with the Town to adve1tise lottery opening and closing dates.
b. Collect and score lotte1y applications.
c. TVHS understands that this process may change and will work with Town to
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complete future lotteries or equivalent in accordance with policy set by the Town.
d. Out of pocket costs (adve1iising) will be paid by the Town.
***Compensation for the Services outlined above in paragraphs 3 through 5 will be billed at the
rate of $60/hour. For 2021, the maximum compensation allowed under this Agreement is
$2,000. An invoice for Services outlined in paragraphs 3 through 5 herein will be sent to the
Town on or around December 1st each year, with payment being due within 30 days of invoice.
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EXHIBIT B
[INSERT SIGNED ORDINANCE]
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TOWN OF MINTURN, COLORADO
RESOLUT£ON 22 -SERillS 202 0
A RESOLUTION TO APPROVE THE TOWN OF MINTURN
COMMUNITY HOUSING RESIDENCY REQUIREMENTS AND
GUI DELINES AND THE COMMUNITY HOUSING
RES IDENCY REQUIREMENTS AND GUIDELlNES:
ADMINISTRATIVE PROCEDURES
WHEREAS, the Town of Minturn ("Town") is a legal and political subdivision
of the State of Colorado for which the Minturn Town Council ("Town Council") is
authorized to act; and
WHEREAS, the Town is authorized by the Local Govemment Land Use Contl'OI
Enabling Act of 1974, §29-20-1 OJ thrnugh §29-20-108, C.R.S ., as atnended, and §31-23-
301, C.R.S., as amended, to p lan for and regulate the use of land within the Town's
jurisdiction, and to enact zoning, subdivision, and other land use and development
reg ul ations; and
WHEREAS, the Town Council and Pfanrt ing Commission held vadous public
work sessions and public hearings to receive public input on the adoption of local's
affordable housing tools and requirements in January, March, May and June of 2019; and
WHEREAS, the Town of Minturn 2019 Commw1ity Smvey has identified
affordable housing as a priority for the Town; and
WHEREAS, the 2009 Town of Minturn Community Plan adopted via Resolutio n
No. 28, Series 2009, and the 2009 Town of Minturn Three Mile Plan for Annexation
adopted via Reso lu tion No. 3, Series 2009, set forth community vis ions, policy goals and
implementing stl'ategies calling for the provision of future housing opportunities and
"affordable housing;" and
WHEREAS, the Town of Minturn 2018-2020 Strategic Plan adopted by the
Minturn Town Council via Resolution No. 14, Series 2018, sets forth strategies to
"sustain and ihvest in the things that define Minturn as a proud, sturdy mountain town to
'keep M inturn Minturn' and, specifically, to "Adopt and implement an Attainable
Housing Policy through assistance from Eagle County Government and a third party
consultant following a public engagement process;" and
WHEREAS, the Town Council, at their reguh1rly scheduled meeting of August
21, 2019 co nsidered and adopted the 2019 Town of Min turn Housing Action Plan
(Resolution No. 33, Series 2019); and
WHEREAS, the 20 19 Town of Minturn Housing Action Plan sets forth certa in
overa1·ch ing goals and objectives aimed at c1·eating and pt·eserving Jocal's-onJy,
Community Housing stock within the Town and creating and preserving restl'icted
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housing stock through deed restrictions via the subsequent adoption of inclusionary
Community Housing ordinances~ annexation policies and incentives for the creation of
Accessory Dwelling Units (AD Us) within the Town; and
WHEREAS, following adoption of Resolution 33, 2019 the Town ofMintum
Planning Commission held subsequent work sessions to discuss and refine specific
Community Housing target goals and l'egulato1·y and policy related means to achieve said
goa ls; and
WHEREAS, §31~23-304, C.R.S., prnvides that the Town shall provide for the
manner in which its land use and development regulations are amended, supplemented, or
changed; and
WHEREAS, § 16-21 -430 of the Minturn Municipal Code provides that Town
Council, Planning Commission or Plan11ing Director may initiate an amendment of the
Zoning Code, and §16-21-440 provides that the Town's Planning Commission shall
review all proposed amendments to the Town's Zon ing Code at a duly noticed public
hearing and shall recommend approval or denial of a proposed amendment by Town
Council', and that the Town Council shall finally approve or deny a proposed amendment
at a duly noticed public hearing; and
WHEREAS, the Town initiated an amendment (the "amendment'') to Chapter 6 -
Business Licenses and Regulations, Minturn Municipal Code and Chapter 16-Zoning,
Minturn Municipal Code for the purpose of creating Inclusionary Community Housing
l'egulations and requirements; attd
WHEREAS, the Planning Commission at a duly noticed public hearing on Apr i I
8, 2020 considered the amendment and provided a recommendat ion for approval of the
amendment to the Town Council; and
WHEREAS, the Town Council at duly noticed public hearings on May 6, 2020,
June 17, 2020, and July 1, 2020 considered the amendment and the recommendation of
the Planning Commission, and determined that the amendment is in the best interest of
the public health , safety and welfare of the citizens of the Town and conformed in all
respects to the Minturn Municipa l Code; and
WHEREAS, at its duly noticed public hearings on May 6 and June 17, 2020, the
Town Council directed Town staff to create and refine the Town of Minturn Community
Housing Residency Requirements and Guidelines (the "Guidelinesn) and the Town of
Minturn Community Hous ing Residency Requirements ahd Guidelines: Adm inistrative
Procedures (the "Administrative Procedures"); and
WHEREAS, at its duly noticed public he aring on July I, 2020, the Town Council
approved the amendment by ordinance and directed Town staff to subsequently present a
reso lution for approval of the Guidelines and the Admfoistrative Procedutes for the
purpose of supporting and facil1tating the administl'ation of the amendment.
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NOW, THEREFOE, BE IT RESOLVED by the Minturn Town Council of the Town of
Minturn, that:
SECTION 1: The Minturn Town Council supports and directs approval and adopting of
the Town of Minturn Community Housing Residency Requirements and
Guidelines, as detailed in Exhibit A attached hereto and, which shall
hereafter only be updated and amended from time to time by resolution
approved by the Town of Minturn Town Council at a duly noticed public
hearing; and
SECTION 2: The Minturn Town Council suppmts and directs approval and adopting of
the Town of Minturn Community Housing Residency Requirements and
Guidelines: Administrative Procedures, as detailed in Exhibit B attached
hereto and, which shall hereafter be updated and amended from time to
time by administrative action by the Town of Minturn Community
Housing Program Administrator; and
SECTION 3: This resolution to be in full force and effect from and after its passage and
approval.
INTRODUCED, READ, APPROVED, AND ADOPTED THIS 1 st DAY OF JULY,
2020.
7~
John Widerman, Mayor
Attests:
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TOWN OF MINTURN
COMMUNITY HOUSING GUIDELINES
Adopted
June 2020
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Table of Contents
CHAPTER 1 -NEED AND PURPOSE OF THESE GUIDELINES ..................................................... 3
1.01 Minhn·n's Need for Housing 3
1.02 Pul'pose of the Guidelines 4
1.03 Applicability 4
1.04 Minturn Community Housing Guidelines: Administrative Procedures 4
CHAPTER 2-DEFJN'ITIONS .................................................................................................................. 4
CHAPTER 3 -REQUIREMENTS FOR AFFORDABLE HOUSING .................................................. 7
3.01 Mitigation for Residential Developments (Inclusiona1y Housing) 7
3.02 Incentives fot ' Voluntaty Provision of Community Housing Units
CHAPTER 4 -ACCEPTABLE METHODS OF AFFORDABLE HOUSING MITIGATION .......... 7
4.01 Price Capped For Sale Deed Restricted Community Housing 7
4.02 Price Capped For Rent Deed Restricted Community Housing 8
4.03 Resident Occupied Deed Restricted Housing 8
4.04 Land Donation 8
CHAPTER 5 -HOUSING PLAN ....................... , ......... ,.,,,, ....................................................................... 8
CHAPTER 6 -MISCELLANEOUS PROVISIONS ................................................................................ 9
6.01 Deed Restrictions 9
6.02 Unit Quality and Design 9
6.03 Community Housing Bedroom Mix and Size 9
6.04 Initial Sales and Marketing of Community Housing Units 9
6.05 Timing of Community Housing 9
6.06 Replacement Housing 1 O
6.07 Incentives for Voluntarily Provision of Community Housing Units 1 O
6.08 Liberal Consh'uction 10
6.09 Severability IO
6.10 Modification 1 O
6.11 Grievance Procedures IO
6.12 Enforcement 1 l
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CHAPTER 1 -NEED AND PURPOSE OF THESE GUIDELINES
1.01 M inturn's Neecl fo r Rousing
The Mi nturn Town Council recently identified attainable housing for year-round locals as one oftheii• top
policy priorities. The Town of Minturn Housing Action Plan (the "Plan"), adopted in August 2019, sets the
course for the Town's work on housing over the next three to five years. The Plan was created through a
series of workshops with elected and appointed officials, interviews with Jocal stakeholders, and
questionnaires in the first halfof2019 . The priol'ities identified in this plan include:
o Increasing housing choices for year-round residents and preserving a balance between second
hom eowners and locals into the future,
0 Adding new tools to Minturn's hou sing policy toolbox.
• Seeking opportunities to partne1' with Jocai residents, developers, nod existing housing agencies
such as the Valley Home Store.
Minturn is 11estled in a narrow mountain canyon. About 420 yenr-round households enjoy a strong sense of
community, working class heritage, an d historic small-town character. Minturn is located just seve1\ miles
from the Town of Vail and Vai l Resort. Compared fo other comnmnities so close to a major resort,
Minturn has maintained ii high level of year-round residency (80% of homes were occupied by local
residents at the 20 l O Census; this compares with 20% in Vail or 64% in Avon).
111 recent years, some of these attributes have been tlU'eatened by rising land and housing costs. Minturn has
been discovered, and an i11creasiug number of second homeowners have begun to shift the historic the
social and economic diversity. Short-term rentals are permitted but regulated in the Town and there is now
11 severe sh01t11ge of housing for local rnsldents to r ent 01· purchase.
Despite t11e documented demand for workforce housing units in the Eagle Rivet' Valley -from Dotse1·0 to
Red Cliff, including Vai l, private deve lopers have little incentive to provide housing for Households with
focomes of 140%-200% 01· less of the Area Median Income because responding to demand for high end
at1d second homes is more profitable. The exceptional quality of life, natural beauty and abundance of
rect'e11tion opp01tu11lties in Eagle County, aud in M inturn spec ifica lly, coupled with limjted land resot1rces,
means tlrnt demand fot · and availability of housing will continue to keep prices beyond the reach of median
income Hoi1seh0Jds without assista11ce.
The Minturn Community Plan, adopted in December 2009, acknowledged tJ1e need to sustain Mintum 's
commmiity and the supply of housing tlrnt employees ca n afford. ln the larger community, Eagle
County's labor shortages and forced commuting to homes outsjde of Eagle County materially degrade
quality of service, the economy, the natural environment, traffic, and the charncter oflocal communities.
Therefore, Mintmn's Community Plan delineates four primary goals regarding 11ousing:
J. Promote the development of housing opportunities for all income levels throughout all ai'eas of
town.
2. Aflow a variety of lot sizes (sm11II and large lot) as appropriate to specific areas,
3. Develop an afford able housing pmgrtun, to in clude housi ng assistance fo1· town employees,
qualified town residents and oth er eligibl e Eagle Co unty emp loyees.
4. Leverage town-owned pl'ope1·ty for the development of afford11ble housing.
Guidel ines -Page-3
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1.02 Put·pose of the Guidelines
The Minturn Community Housing Guidelines (the "Guidelines") are intended to promote a sustainable
and strong Minturn Community tlu·ough the creation of permanently local and/or affordable housing
stock. The Guidelines ca ll for all new residentia l and mixed-use developments proposing five (5) or more
dwelling units to provide for sale and for rent housing for Households earning between 80%-200% or less
of the area median income ("AMI") -Households that have little or no opportunity to purchase market
rate housing without s ignificant subsidy. The Guidelines also offer options to incentivize the provision of
Community Housing voluntarily for new developments and for 1·edevelopme11t projects with four or
fewer dwelling units These guidelines and the Town's Community Housing requirements are not
applicable to commercial deve lopments.
The Guidelines will assist in implementing specific strategies of the Community Plan and the 2019
Housing Action Plan calling for private development to share in the respons ibility for keeping up with
the demand for workforce housing in the future as pa1t of all new residential and mixed-use growtb.
Through the Guidelines, Minturn seeks to reduce the number of Cost Bmdened Households (as defined
below) in the town, maintain the relationship between Primaiy Residences (as defined below) and
vacation homes, prese1ve community character and vitality, and keep the negative impacts associated
with a commuting workforce from worsening. It is Minturn's belief that jobs and housing should be
located in close proximity whenever possible.
1,03 Applicability
The Guidelines apply to applicants for a Development Permit (as defined below) for all residential
and mixed-use projects containing five (5) or more units which are located within the corporate
boundaries of the Tow n of Minturn. Governmental and non-profit entities must also adhere to these
Guidelines unless othe1wise exempted through valid intergovernmental agreements.
Compliattce wi th the Gu ide lines is only one of several components of an application for a Development
Permit, as detailed in the Town of Minturn Municipal Code. Compliance with the Guidelines, however,
does not ensure that an appli cation for a Development Permit will be approved by the Town.
1.04 Town ofMintum Community Housing Guidelines: Administrntive Procedures
The Town ofMintum Community Housing Guidelines: Adminish·ative Procedures (the "Administrative
Procedures") is the document that provides the technical procedmes for developing, purchasing, owning,
selling, and renting Community Housing (as defined below). The Administrative Procedures include
specific eligibility criteria, AMI levels, purchase prices and rents, sa le and leasing procedures, payment in
lieu calculations, employment generation !'ates and other information relevant to the development and
operation of Community Housing. The Administrative Procedmes are to be read in conjunction with the
Town of Minturn Community Housing Guidelines.
CHAPTER 2 -DEFINITIONS
The terms, pluases, words, and clauses in the Guid elines shall have the meaning assigned below. Any
terms, phrases, words, or clau ses not defined herein will have the meanings as defined in the Minturn
Municipal Code or the Town of Minturn Community Housing Guidelines: Administrative Procedures.
Affordability Gap: The difference between the average home price in each Eagle County community
and the average buying power of a typical household in that community, as provided for in
Guideli nes -Page 4
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the Administrative Procedmes.
Area Median Income ("AMI"): The estimates of median household income compiled and released
annually by the United States Department of Housjng and Urban Development.
Community Housing: A Residential dwelling unit within the Town of Mintum that is deed restricted in
accordance with this Article and the Town of Minturn 1 s Community Housing
Requirements and Guidelines, as approved and amended from time to time by resolution
by the Town Council, and in accordance with a deed restriction approved by the Town of
Minturn Town Council or its designee
Community Housing For Rent Unit: a community housing unit that is deed-restricted in accordance
with this Article and the Town ofMinturn's Community Housing Requirements and
Guidelines, as approved and amended from time to time by resolution by the Town Council,
and in accordance with deed restrictions approved by the Town of Minturn Town Council or
its designee, to establish a maximum rental prices, as well as residency, employment and
income qualifications for owners and occupants.
Community Housing Residency Requirements and Guidelines: the requirements adopted by
resolution by the Town Council, from time to time, which may include, but shall not be
limited to, standards concerning the procedure for qualifying to own or rent Community
Housing Units; the requirements (e.g. residency) for qualifying to own or rent Community
Housing Units; forms of approved deed restrictions; limitations on appreciation of sales
prices of Community Housing; procedures for sale of Community Housing; priorities for
persons bidding to purclJase Community Housing Units; maximum sales and rental rate
increases; standards for the number ofresidents per dwelling unit; quality of constmction
requirements for new Community Housing Units; and possible incentives for the
construction of Community Housing. The Community Housing Residency Requirements
and Guidelines, and amendments thereto, shall be adopted following a duly noticed public
hearing at which such guidelines are considered.
Community Housing For Sale Unit: a community housing unit that is deed-restricted in accordance with
this A1ticle and the Town ofMinturn's Community Housing Requirements and
Guidelines, as approved and amended from time to time by resolution by the Town
Council, and in accordance with a deed restrictions approved by the Town of Minturn
Town Council or its designee to establish maximum foitial sales and resale prices, as well as
residency, employment and income qualifications for owners and occupants.
Community Housing Unit: a residential dwelling unit within the Town of Minturn that is deed
restricted in accordance with this A1ticle and the Town ofMintum's Community Housing
Requirements and Guidelines, as approved and amended from time to time by resolution
of the Town Council, and in accordance with a deed restrictions approved by the Town of
Minturn Town Council or its designee.
Community Plan: The plan officially adopted by the Town of Minturn that sets forth the
recommendations and policies for guiding futme growth and development, while providing
for the public's health, safety and general welfare.
Cost Burdenecl Household: A Household that is paying more than 30% of its income for housing costs.
Deecl Restriction: a contract entered into between the Town and the owner or purchaser ofreal property
identifying the conditions of occupancy and resale.
Development Permit: Any prelimina,y 01· final approval of an application for rezoni•ng, planned unit
development, amendment of an existing planned unit development, special use permit,
subdivision, or other development requiring a building permit or similar application for new
construction.
Engle County Housing and Development Authority ("ECHDA"): A body corporate and politic whose
primaty purpose is to increase the supply of Affordable Housing in Eagle County.
Eligible Household: A Household that meets the criteria set forth in the Administrative Procedures.
Employee/Qualified Resident: means a person who meets the definition and requirements for
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Emp loyme nt Qualifications as clefine d and ame nded from time to t im e in the Town of
Mintu rn Commu ni ty Hous ing Guid eli nes and Ad mini str ative Proce dures,
Empl oym ent A1·en : t hat po1t ion of the Eag le River Va ll ey located from Dotsero to Red Cliff, including
Vail.
G1·oss Incom e: the tota l in come, including alimony an d child su pport, der ived fr om a bus in ess, trust,
employ ment and from inco me-producing proper ty, before de duct ions for expenses,
depreciation, taxes, and simil ar allowances,
Hou sebolcl : All indi vidua ls who will occ upy a un it regard less of legal status or relation to the owner or
lessee.
Hou sing Plan: A written p]an subm itted to Eagle Co unty describing how the a pplican t will satisfy the
Gu idelines .
Inclu sion ary Hous in g: The poli cy of requ iring Comm unity Housing in Residential Developments to
ensure adequate housing stock for loca l reside11ts and to ma inta in or in crease the cunent
ratio of prima ry to second a1y home ownership.
Initi al Sa les Price: The maxim um pri ce for wh ich a Price Capped For Sale Housi ng unit may be init ia ll y
sold, as provided for in t he Admini strati ve Proce dures.
Maximum Rental Rate: The max imu m monthly rent payment for an Affordable Rental Hous ing unit, as
provide d for in th e Admi nistrat ive Procedures.
Miu turn Mu nicipal Co<l e: The reg ul ations officially adopte d by the Town of Mintu rn , whi ch govern land
use w ithin the inco rporated areas of the Town of Minturn.
P d ce Ca pped For-Sa le Deed Restricted Housing: Hous ing with a deed restl'i ction recorded against it
requiri ng that it meet In itia l Sa les Prices, resale p1'ice appreciation limi ts, qu ali ty, and other
cri teria set for th in the Gui de I ines and Adm inistrativc Procedures.
Price CnJ>ped F o1· Rent Deed Res tric ted Hou sing: Housing with a deed restriction recorded against it
req uil'ing that it meet a maximum ren tal prices, as well as res idency, emp loyme11t and
income qu ali ficat ions fo r owne1·s and occu pants.
Primary Residence: The res idence in whi ch an owner or rente r li ves for at least 9 out of any 12 months.
P rogram Aclminis tmtor: The adm ini strator of the Eagle County Affo rdab le Ho using Guidel ines an d
Ad mi nistrative Procedures. The Progra m Admin istrator shall be the Eagle Co unty Hous ing
Director unl ess the BoCC appo ints another person.
P roj ect : A res ident ial or m ixe d-use deve lopm ent for which a development permit is req uired.
Res ident O ccupied Community Housing: Housi ng with a deed restrict ion recorded aga in st it requi rin g
th at it be owned or occupied by an Employee/Qua li fied Residen t as its Prim aiy Res idence as
set fo rth in these the Guid elines an d giv ing preference to qu alified res iden ts of th e Town of
Mintu m.
R es id enti al Developmen t: Any development that wo uld resul t in the creation of one 01· more res ident ial
units or lots and fo r which a Development Permit is req uired .
Squai·e F ootage: A calculation of size including all habitab le in teri01· space, excludi ng garages and
mechanical spaces, meas ured from the outside of exter ior wa lls of t he res identia l or mi xed-
use development.
Town Council : The Town Co un cil oftl1e Town of Minturn, Co lorado.
Gu ideli nes -Page 6
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CHAPTER 3 -REQUIREMENTS FOR AFFORDABLE HOUSING
3.01 Mitigation fo1• Residential Developments (lnclusiona1·y Housing)
In oJ'der to address the issue of Cost Burdened Households and slow the shift from prima ry to secondat'y
home ownership, Minturn has set its mitigation rate for Inclusionary Housing in residential and mixed-
use developments at 10% of the total residential units in a Project.
3.03 Mixed Use Developments
Minturn encourages mixed-use developments within certain zone districts such as the Old Town and
South Town commercial at·eas. Because the Town does not require mitigation for commercial
development, Inclusionaty Housing requirements apply to residential dwelling units developed as pai't
of a mixed commercial-residential development.
3.04 Residential Lots
When an applicant for a Development Permit seeks on ly to create residential lots, the Jnclusiona1y
Housing requirement of the Guidelines should be based on the number of such Jots, each of which will
count as one unit.
CHAPTER 4 -ACCEPTABLE METHODS OF AFFORDABLE HOUSING MITIGATION
In an effo1t to provide the flexibility necessary for the development industty, an applicant may comply
with the Guidelines in the following ways, all of which are subject to appmval by the Town of Min tum
Town Council, in its sole discretion:
1. Provision of Price Capped For Sale Deed Restricted Community Housing Units with a maximum
Initial Sales Price set at or below 200% AMI affordability level.
2. Provisio11 of Price Capped For Rent Deed Restricted Community Housing Units with rental prices
set at rates affordable to Households with incomes no higher than 80% AMI
3. Provision of Resident Occupied Deed Restricted Community Housing For Rent and For Sale
Community Housing Units.
4. Conveyance of Jand to the Town in lieu of community housing in an amount determined by the
Town Council ,
Where a formu la indicates that a portion of a unit must be provided, the development's mitigation
responsibility will be !'ounded to the nearest whole number: below 0.5 round down(= O unit) and
round up from O.S and higher(= 1 unit).
4.01 Pl'ice Capped For-Sale Deed Restricted Community Housing
Price Capped Fol'-Sa le Deed Restricted Community Housing shall have the following characteristics:
o The Initial Sa les Price shall be no greater than that which is affordable to Households earning no
more than 200% AMI.
o The units shall be a spectrum of typ es and sizes and shall be consistent with market rate units and
market demand as such need is demonstrated by a recent market analysis.
• Deed restrictions shall be perpetua l and in favor of the Town of Minturn and shall include all
material terms as outlined in the Adminish·ative Procedures.
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4.02 Price Capped For Rent Deed Restricted Community Housing Unit
For Rent Community Housing Units provided within a project shall have the following characteristics:
• Rents must be set at or below rates that are affordable to Households with incomes no greater
than 80% AMI.
• Deed resh·ictions shall be perpetual and in favor of Minh1rn or other acceptable agency such as
the Colorado Housing and Finance Authority or the US Department of Housing and Urban
Development and shall include all materlal terms as outlined in the AdministrativeProcedm·es.
4.03 For Sale and For Rent Deed Resh'icted Resident Occupied Community Housing:
Resident Occupied For Sale.and For Rent Community Housing shall have the following characteristics:
• Sales prices for Resident Occupied For Sale Housing are not limited.
• A spectrnm of unit sizes and pricing responsive to market demand is encouraged,
• Deed restrictions shall be perpetual and in favor of Minh,m and shall include all material terms
as outlined in the Adm ini strative Procedures, including but not limited to a 2% transferfee due
to ECHDA upon sa le to a non-Eligible Household.
4,04 Land Donation
An applicant may satisfy its Town of Minturn Community Housing obligations through the conveyance of
land to the Town of Minturn. The Town Council, in its sole discretion, shall decide whether to accept land
offered in lieu of an app licant's Community Housing obligations in an amount determined by the Town
Counc il meeting the following requirements:
• Land sha ll be free of all liens and encumbrances and shall be conveyed by general warranty deed.
• Land shall be properly entitled and capab le of supporting the applicable number of Community
Housing un its,
• Land sha ll be buildable, have suitable soils and drainage and available utilities, and s hould not be
within an area that has potential geologic hazards associated with development.
CHAPTER 5 -HOUSING PLAN
In order for an application for a Development Permit to be deemed complete, an applicant shall submit a
clear, concise, and complete Housing Plan specific to the Project, which has been approved by the
Program Administrator. Compliance with the Housing Plan shall be a condition of approval for the
Development Permit.
At a minimum, the Housing Plan shall contain the following information, as applicable:
I, Total number of market rate units and Community Housing units.
2. Details regarding how the Guidelines will be met, including unit types, Square Footage, nuinber
of bedrooms per unit, targeted income catego1y, and Initial Sales Prices.
3. Average lot size of proposed Community Housing lot and average lot s ize of market rate
housing lots, as applicable.
4. Location of proposed Commun ity Housing within the Project, by unit type and size.
5. Proposed production schedule of Community Housing and market rate units, including phasing
plan, issuance of building permits or other acceptable triggers.
6. Concept for marketing to Households that may be eligible for the Community Housing.
7. Any other information deemed to be relevant by the Program Admin istrator.
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The Hou si ng Plan will be recorded against the property in the records of the Eagle County Clerk and
Recorder at the time the Development Permit is granted. Any amendment of the Housing Plan requires
the approval of the Program Administrator with right of appeal to the Town Council as provided in the
Minturn Municipal Code,
CHAPTER 6-MISCELLANEOUS PROVISIONS
6.01 Deed Resfl'ictions
All Community Housing units shall be subject to deed restrictions, which shall be recorded in the records
of the Eagle County Clerk and Reco1·der. All deed restrictions must comply with these Guidelines and the
Administrative Procedures and shall be in a form appl'oved by the Program Administrator and the Town
of Minturn Town Attorney.
6.02 Unit Quality and Design
Community Housing shall meet the requirements of all Town of Minturn land use regulations and local
building codes, Community Housing units should be architectmally compatible with surrounding uses.
Exterior finishes should not be substantially inferior to the materials used on market rate units. Adequate
storage space dedicated for each Community Housing Unit shall be provided.
Enhancing the long-term affordability of Community Housing through designs that reduce utility costs is
strongly encournged and conversely, amenities that are costly to operate are strongly discomaged unless
such costs are otherwise defrayed or dispersed tlu·oughout the Project so as not to further cost burden
Households,
Units must meet minimum energy m· other efficient building standards as might be amended and as
provided for in the Minh1rn Municipal Code, Community Housing design must address livability,
maintenance, health, safety concerns, climate, Jifestyle, and needs of the types of Households the units
are intended to serve. To enhance livability, balconies, decks and yards and/or pocket parks designed and
intended for use of Community Housing residents are also encouraged.
6.03 Community Housing Bedroom Mix and Size
While there are no specific bedroom mix or size requirements for Community Housing Units, the
applicant is expected to analyze market demand and to propose a mix that is responsive and appropriate
to that demand , The bedroom mix and size will be approved by the Program Administrator as part of the
Housing Plan . A market analysis should be provided to the Program Administrator prior to staiting
constrnction on the Community Housing units.
6.04 Initial Sales and Marketing of Community Housing Units
An applicant shall be responsible for the initial sales and marketing of the Community Housing units in
its Project. The Program Administrator shall have the right to review the terms of each sale for
compliance with the Guidelines,
6.05 Timing of Community Housing
All required Community Housing units must be provided prior to, or concmrently and proportionally
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with, the production of a Project's market rate housing as measmed by issuance of building permits,
unless an approved Housing Plan provides otherwise.
6.06 Rep]acement Housing
Applicants are prohibited from using units built as replacement of housing affordable to Households
earning less than 200% AMI toward satisfaction of Jnclusionary Housing requirements. Any such
Community Housing destroyed in the development process must be replaced with units of similar
affordability and size, in addition to the applicant's obligations under these Guidelines.
6,07 Incentives for Voluntary Provision of Community Housh1g Units
Any residential or mixed-use development proposing to create one (I) 01· more residential dwelling units
may be eligible for the following incentives when voluntarily providing deed restricted Community
Housing in the form of Resident Occupied Community Housing, For Sale Community Housing and/or For
Rent Community Housing, or a combination thereof, that is deed restricted in accordance with the Town's
Community Housing Guidelines:
l. Density bonus: As pa1t of any new residential or mixed-use Project, the Town may offer a
density bonus.
2. Site design flexibility: Provided that the housing goals and eligibility requirements of these
Guidelines are met; that the intents and pmposes of the Minturn Municipal Code are not
compromised; and, that the design of the Project achieves other Minturn strategic policy
goals, the Town may consider flexible application of design and development standards
including, but not limited to minimum lot size, building height, lot coverage, setbacks, and
landscaping.
3. Public-private partnerships: The Town may participate or facilitate pa1ticipation with other
governmental entities regatding financing 01· purchasing of Community Housing units directly
from the applicant or other participation as agreed to by the pa11ies.
4. Other fee waivel's: The Town Council, in its sole and absolute discretion, may waive any
other fee required by the Minturn Municipal Code and ordinances, as amended from time
to time, in return for the volunta1y provision of Community Housing Units.
6.08 Libera l Consh·uction
These Guidelines shall be liberally constmed so as to further their purpose.
6.09 Severability
Tfany provision, chmse, sentence, 01· paragraph of the Guidelines or the application thereof to any person
or circumstances shall be held invalid, such invalidity shall not affect the other provisions of the
Guidelines that can be given effect without the invalid provision or a1lplication, and to this end the
provisions of the Guidelines are declared to be severable.
6.10 Modification
These Guidelines may only be modified by the Town of Minh1m Town Council in a public hearing on
the record. The Admini stl'ative Procedures may be amended by the Program Administrator in a manner
consistent with the terms and intent of the Guidelines without Town Council apprnval.
6,11 Grievance Procedures
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A grievance is any dispute that a unit owner, purchaser, or applicant may have with the Town or the
Program Administrator with respect to action or failure to act in accordance with the rights, duties,
welfare, or status of these persons or entities under these Guidelines. Procedures for filing such a
grievance are as follows:
1. A written grievance must be presented to the Program Administrator. It shall specify:
a. The patticular grnund(s) upon which the grievance is based;
b. The action requested; and
c. The name, address, telephone number of the complainant and similar information about his/her
representative, if any.
2. Upon presentation of a written grievance, the Prngram Administrator shall meet with complainant
to review the grievance and resolve the issue, if possible.
3. If the issue is not resolved, the complainant may request a hearing before the Town Council.
Rules for the hearing before the Town Council follow the provisions of the Minturn Municipal
Code as found in Chapter 16-Zoning, Section 16-21-30 Town Council Powers and Duties.
6.12 Enforcement
The Guidelines are hereby incorporated as a component of the Minturn Municipal Code. Enforcement
of the Guidelines will be pursuant to Chapter 16, Section I 6-1-90 -Enforcement and Penalt;es, as
amended from time to time, of the Minturn Municipal Code. Remedies include, refusing to issue
building permits or certificates of occupancy, withholding monies from escrow, legal prnceedings at
law and equity, and all other remedies available under applicable law and equity.
Guidelines -Page 11
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TOWN OF MINTURN
COMMUNITY HOUSING GUIDELINES:
ADMINISTRATIVE PROCEDURES
June 2020
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Table of Contents
CHAPTER J -DESCRIPTION OF ADMIN ISTRATlVE PROCEDURES 3
CHAPTER 2-DEFIN ITIONS 4
CHAPTER 3 -INFORMATION FOR DEVELOPERS OFCOMMUNITY HOUSJ.NG S
3.0 Price Capped For Sale Deed Restricted Community HousiugUnit 5
3.0.1 Initial Pricing of Price Cap_ped Fol' Sale Community Housing 5
3.0.2 Deed Restrictions for Price Copped For Sale Community Housing S
3.1 Price Capped Fol' Rent Deed Restricted Community Hous ing Unit S
3.1.1 Maximum Rental Rate for For Rent Deed Restricted Community Housing S
3.1.2 Deed Restrictions for For Rent Deed Restricted Community Housing S
3.1.3 Divided Ownership of For Rent Deed Restricted Community Housing S
3.2 Resident Occupied For Sale and For Rent Community Housing Unit 6
3.2.1 Initial Pl'icing of Resident Occupied For SHle Deed Restricted Community Housing 6
3.2.2 Maximum Rental Rates of Resident Occupied For Rent Community Housing 6
3.2.3 Deed Restrictions for Resident Occupied For Sale Community Housing Units 6
3.2.4 .Deed Restrictions for Residen t Occupied For Rent Community Housing Units 6
3 .3 MisceUaneous Provisions 7
3.3, l Homeowners mid Condominium Associations 7
CHAPTER 4 -INFORMATION FOR BUYERS, OWNERS, AND SELLERS OF COMMUNITY
HOUSING 7
4.0 Buying Community Housing 7
4.0.1 Eligible Households 7
4.0.2 Application Process and Selection Cl'iteria for Price Capped For-Sale Un its 8
4.0.3 Application Process fo1• Resident Occupied For-Sale Units 10
4.0.4 Trnst Ownersh ip 10
4.0.5 Rental of Community Housing by Qualified Employers for Employees 11
4.l Own ing Comtmmity Housing 11
4.1. J Maintaining Occupancy 11
4.1.2 Recertification 11
4.1.3 Leave of Absence 11
4.1.4 Short Term Leases l 2
4.1.5 Foreclosure 12
4.2 Sales of Community Housing Units 12
4.2.1 Listing Un its 12
4.2.2 Inspection Pri or to Sale 12
4~ ~~Toes U
4.2.4 Closing Costs 13
4.2.5 Maximum Resale Price 13
4.2.6 lncre11ses to Base Price and Permitted Capital Improvements 13
4.2.7 Other Tille Transfers IS
CHAPTER 5-INFORMATION FOR RENTERS OR MANAGERS OF COMMUNITY RENTAL
HOUSING 16
5.0 Application Process 16
5.1 Records Inspection 16
CHAPTER 6 -TABLES 17
Table 6.1 -Max imum Initia l Sales Price Calculations 17
Table 6.2 -Maximum Monthly Rental Rates 17
Table 6.3 -Area Median Incomes 18
Table 6.4 -Hi storical Wage Appreciation Data 18
T11ble 6.5 -Size of Deed Restricted Units in Eag le County 19
THble 6.6 -Affordability Gap 19
Table 6.7 -Historic11 l Freddie Mac 30-Year Mortgage Rates 20
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CHAPTER 1-DESCRIPTION OF ADMINISTRATIVE PROCEDURES
The Town of Minturn Community Housing Guidelines: Administrative Procedures ("Adminish·ative
Procedures") provide the technical procedures for developing, purchasing, owning, selling, and renting
Community Housing and are to be read in conjunction with the Town of Minturn Community Housing
Guidelines. The Administrative Procedures are updated periodically based on cunent real estate market,
area median income and the most recent Housing Needs Assessment completed by Eagle County which can
be found at www.eaglecounty.us/housing.
The Administrative Procedures is separated into chapters, which set fo1th the requirements for developers of
Residential and/or Mixed-Use Development containing Community Housing (Chapter 3), requirements of
buyers, owners, and sellers of Community Housing units (Chapter 4), and requirements of owners, renters,
or managers of Community Rental Housing units (Chapter 5). Chapter 2 contains definitions and Chapter 6
contains all ofrelevant tables, which may be updated on an annual basis.
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CHAPTER 2 -DEFINITIONS
The tenns, phrases, words, and clauses in the Administrative Procedures shall have the meaning assigned
below. Any terms, phrases, words, or clauses not defined herein will have the meanings as defined in the
Town of Minturn Community Housing Guidelines (the "Guidelines") or the Minturn Municipal Code.
Acknowledgement of Deed Restl'iction: A document accepting a purchaser's agreement to be bound by
both the recorded deed resh·iction covering the Community Housing unit and the Guidelines.
Gross Household Income: Total amount of income a Household earns in one year from all sources before
taxes.
Maximum Resale Price: The maximum amount an owner can sell the Community Housing unit for per the
deed restriction requirements.
Non-Eligible Household: A Household that does not qualify as an Eligible Household per section 4.0.1 of
the Administrative Procedures.
Permitted Capital Improvements: Ce1tain improvements made to an Community Housing unit that may
be included in a seller's Maximum Resale Price.
Qualified Employer: An individual or entity that regularly conducts business in the Eagle River Valley,
with preference for businesses located within the Town of Minturn.
Short Term Rental: Any residential property dwelling unit or portion thereof rented for a period
of less than thirty (30) consecutive days. Rentals of entire dwelling units, individual
rooms, or portions ofl'ooms shall each be considered sl101t-term rentals. Shott-term
rentals are considered lodging accommodations under Chapter 4, A1ticle 4 of this the
Minturn Municipal Code
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Cl::IAPTER 3 -JNFORMA TJON FOR DEVELOPERS OF COMMUNITY HOUSING
3.0 Pa·ice Copped Fo1·~Salc Deed Restricted Comm unity Housing Unit
Section 3,0 will covel' ail requil'ements specific to Price Capped Fol'-Sale Housing.
3.0.1 lnitlRI Pl'iciug of Price CRpped For-Sale Deed Reslt'icted Community Housing Units
The Initial Sales Price for Pa'lce Capped For-Sale Deed Restricted Housing Units shall be initially
set no higher than at a price Community to Households eal'lling 200% or AMl. The units should be
priced in a spech·um of prices consistent with unit size, location, and market demand. Community
Housing Units should come to market proportionately with free market units.
Chap tel' 6 (Table 6.1) contains II table showing the ctment year's n111xi11111m Initial Sales Prices.
3,0,2 Deed Resl.rictions for Pl'lce C11pped For-Sale Communily Housing Units
All deed restrictions burdening Price Capped For-Sale Community Housing Units m11st include
resale restrictions binding future buyers and sellers to the applicable conditions set forth in the
G11idelines and these Adminisfrative Procedures mid shall be in a form approved by the Program
Administrntor and lhe Town of Minturn Attorney, All purchasers shall execute the deed resh·iction
as well as an Acknowledgement of Deed Restriction ,
The mate1fal terms for deed restrictions against Price Cap11ed For-Sale Deed Restricted Community Housing
Units are as follows:
a. Eligible Households only with annual recertification
b, Primary Residency use only with annualrecertificalion
c. May not own other real property, subject to exceptions
d. Limitations on 1·enlals
e. Initial Sales Price restrictions
f. Maximum Resale Price restrictions. Appreciation should be bnsed upon the average wage for
Eagle County 11s cletennined by the Colorado Department of Labor and Employment using the
most current iwailnble data, but in no case shall the allowed increase be more than 3% on 11n
annual basis. There shou ld be no floor on the amount of the increase. Table 6.7 shows cun-ent
and historic wage appreciation data.
g. Ownership interest conveyed lo ECHDA
h. Ability to force snle if owner is not complying with program rules
i. Option to buy post foreclosul'e
j, Resale by Program Administrator
3.1 Price Capped Fol' Rent Deed Restricted Commu nity .Housing
Section 3.2 will cover all requirements specific to For Rent Deed Restricted Community Housing.
3.1.1 Mnxim um Rental Rates
Maximum RenlRI Rates For For Rent Deed Restricted Community Housing Units must be set at
rates th11t nre 11ffordable for Households with incomes no greater th11n 80% AMI.
Chapter 6 (Table 6.2) contains 11 (able showing the curl'ellt year's Maximum Rentnl Rates.
3.1.2 Deed Restrictions for Fol' Rent Deed Restricted Comm unity Housing
The materi11 l terms for deed restrictions against For Rent Deed Restricted Community Housing, shall be ns
follows:
a. Eligible Households only, unless otherwise prohibited
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b, Maximum rents
c. Household income limitatio ns ofno grentcr thnn 80% II.MI (b1come limits may be lower, bul
cannot be higher than 80% AMl)
d. Term of the deed restriction should be perpetual, and the restl'iction agreement must be
between the owner of lh e rental property and either ECHDA or other acceptable entity, such
as the Co lorado Housing and Finance Authority or the United Stntes Department of Housing
and Urban Development.
Under no cil'cumstances shall any portion of a Community Rental Housing unit be leased or rented
for any period of time without the prior written approv!ll of the Progrnm Administrntor and
compliance with the Guidelines,
3.1,3 Divid ed Owne1·ship of For Rent Co mmunity Housing Limited
No For Rent Community Housing unit shall be converted in the future to For-Sale housing through
subdivision, the cooperative form of ownership, condo conversion, or some similar form of
ownership inconsistent with its rental purpose, unless the owner of such Community Rental
Rousing unit proposes providing substantinlly similar snbstitute Community .R~ntal Housing and
such proposal is approved in writing in advnnce by the Town Council.
3.2 Resident Occupied For-S11le or For Rent Dee d Restl'lctc<l Community Hou si ng Units
Section 3.2 will cover nil requirements specific to Resident Occupied For-Snle and For Rent Deed Restricted
Community Housing,
3.2.1 Initial Pl'icin g of Resident Occupied For-S11le Deed Restricted Community Hou sing
For any Resident Occupied For Sale Deed Restricted Community Housing Units that are provided
to meet the Town's required minimum mnount of Resident Occupied Commun ity Housing Units
within a Project, but which are not also required to meet the minimum amount of Price C!1pped For
Snle Units, no maximum Initial Sales or subsequent resale prici ng will be established.
3.2.2 Maximum R ent al Rates
For any Resident Occupied For Rent Deed Restricted Community Housing Units that are provided to meet
the Town's requ ired min imum amount of Resident Occupied Community Housing Units within a Project,
bu t which are not also required to meet the minimum amount of Price Capped For Rent Units, no maximum
rental rates or subsequent verification of renta l rates will be established,
3,2.3 Deed Restrictions fo1° R esi dent Occupied For-Sale Deed Restricted Community Housing
All deed restrictions burdening Resident Occupied For-Sale Deed Restricted Community Housing
Units 111ust include resale ,·estrictions binding future buyers and sellers to the applicable conditions
set forth in the Guidelines and these Ad111i11istrative Procedures and shall be in a form approved by
the Pl'ogram Admin istrator and the Town of Minturn Attorney. All purc hasers shall execute the
deed restriction as we ll as an Acknowledgement of Deed Resh·iction.
The material terms for deed restrictions against Resident Occupied For-Sale Deed Resh·icted Commuttity
Housing shall be ns follows:
n. Eligible Households only with annual recertification
b. Primmy Residency use only with annualrecertific11tion
c. May not own other real property, subject toexceplions
d. Should a Non-Eligible Household desire to purchase the unit; the Non-Eligible Household
must pay a h·ansfer fee ofno less than 2,0% to the Eagle County Housing and Development
Authority.
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3.2.4 Deed Restrictions for Resident Occupied For Rent Deed Restricted Community Housing
The material terms for deed restrictions against For Rent Deed Resh·icted Community Housing, sha ll be as
follows:
a. Eligible Households only, unless otherwise prohibited
b. Maximum rents
c. Household income limitations of no greater than 80% AMI (income limits may be lower, but
cannot be higher than 80% A Ml)
d. Term of the deed restriction should be perpetual, and the restriction agreement must be
between the owner of the rental property and either ECHDA or other acceptable entity, such
as the Colorado Housing and Finance Authority or the United States Department of Housing
and Urban Development.
Under no circumstances shall any portion of a Community Rental Housing unit be leased or rented
for any period of time without the prior written approval of the Program Adminish'ator and
compliance with the Guidelines.
3,2,5 Divided Ownership of For Rent Community HousingLhnited
No Fol' Rent Community Housing unit sl1all be converted in the future to For-Sale housing tlu·ough
subdivision, the cooperative f01m of ownership, condo conversion, or some similar form of
ownership inconsistent with its rental purpose, unless the owner of such Commu ni ty Rental
Housing unit proposes providing substantially similar substitute Community Rental Housing and
such proposal is approved in Wl'iting in advance by the Town Council.
3,3 Miscellaneous Provisions
Section 3.3 covers misce ll aneous requirements related to the development of Community Housing,
3.3.1 Homeowners and Condominium Associations
Auy documents creating a condomiaium or homeowners association should require that the
Community Housing units will only be assessed monthly dues and other shared assessments based
upon a reasonable formula.
CHAPTER 4 -INFORMATION FOR BUYERS, OWNERS, AND SELLERS OF COMMUN lTY
HOUSING
4.0 Buying Co mmunity Housing
Section 4.0 addt'esses requ h'ements for Households interested in purchasing Community Housing.
4.0.1 Eligible Households
Eligible Households are Households meeting the following criteria:
a. Employment Qualification: At least one member of th e Household musf meet one or more of
the following criteria:
i. Has eamed a living primarily in Eagle County by having worked an average of at le ast
thirty (30) hours per week on a11 annual basis at a business with an office or job site
physically located in Eagle County (multiple jobs in Eagle County may be combined to
reach 30 hours per week); or
ii. Cumulatively earned at least 75% of the Housel1old's Gross Household Income in Eagle
County; 01·
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iii. Has been hired for a job in Eagle County on a permanent basis to work at least thirty (30)
hours per week; or
iv. Is over the age of sixty (60) and had earned a living primarily in Eagle County prior to his
or her retirement; or
v, ls a Disabled Person who had been a full-time employee in Eagle County immediately
prior to his or her disability or has been granted an exception to the minimum of 30 hours
per week in order to continue with a federal or state disability benefit program, if the
person works the maximum number of hours per week the program will allow;or
vi. Households that make their home in Eagle County but work for employers that are
located outside of Eagle County (i.e. telecommuters) may be considered eligible if all
other eligibility requirements are met and the Household can prove Eagle County
residency for a continuous period before application submission, subject to the Program
Administrator's sole discretion.
b, Limits on Owning Other Real Estate: No member of an Eligible Household, including, but
not limited to, spouses and children under 18 years of age, may own real estate anywhere as
of the date of purchase of the Community Housing unit, subject to the following exceptions:
i, If the Eligible Household member is currently an owner ofreal estate, and he or she
actively seeks to sell the existing unit and purchase an Community Housing unit
contemporaneously.
ii. A member ofan Eligible Household that owns other real estate may request a hardship
exemption from this requirement, which may be granted at the sole discretion of the
Program Administrator.
iii, A member of an Eligible Household that owns commercial property for business use or
vacant land may request an exemption from this requirement, which may be granted at
the sole discretion of the Program Administrator.
iv. Exemptions for ownership ofresidential real estate in Eagle County will not be granted,
v. Trust Ownership
During ownership of an Community Housing unit, no Household member shall own any interest alone or in
conjunction with others, in any other real estate,
Real estate that is owned by a prospective Eligible Household of Community Housing may not
deed that real estate to a corporation or other person or entity except at fair market value nor may
real estate be deeded to a corporation or other legal entity in which the Household member has any
financial interest in order to meet these requirements.
4,0.2 Application Process and Selection Criteria for Price Capped For-Sale Housing units
Households interested in purchasing Price Capped For-Sale Deed Restricted Housing units must
submit an application to the Program Administrator to certify eligibility prior to submitting an offer
to purchase a unit.
Approved applicants who are interested in purchasing Price Capped For-Sale Deed Restricted
Housing units will also be added to a master buyer list to be maintained by the Program
Administrator. The application and any accompanying documentation will become the property of
Program Administrator and will not be returned to the applicant. The Program Administrator will
accept new applications throughout the year on a rolling basis. An applicant may update its
application at any time,
The application steps are as follows:
a. Obtain an application from the Program Administrator,
b. Provide evidence of employment by a Qualified Employer:
i. Total Household AMI shall be calculated from two of the most recent pay stubs or tax
returns of all income earners,
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c. Provide evidence of residency in Eagle County.
cl. Affirm on the application th at your Household intends to live in the 11nit as your Primnry
Residence and that no 111e111be1·s of your Ho11seholcl own other real estate. if necessary,
an applicant may 1·equest an exemption regnrding owning other real estate according to
Section 4.0.l(b).
e. Provide a letter ofprequalification from a mortgage lender for a mortgage with a fixed interest
rate of ot least 5 years duration or a statement of proof offunds and submit a copy to the
Program Administrator. Reverse amortization mortgages ore prohibited.
f. Supply a vnlicl copy of a homebuyer educiition class certification.
g, Provide proofoffunds for a down payment equal to at lenst 1% oflhe purchaseprice.
Once basic eligibility has been met, lh e applicant submitting lhe highest and best offer (not to
exceed the Maximum Resale Price) wi ll have the first right to negotiate for the purchase of the
unit. l f two or more equal offe1·s are received, those offers will be prioritized for selection based on
the highest.score using the criteria listed below. The Program Adminislrntor will notify the
applicimt ifproofofany of the following item is necessary,
The following se!ection criteria applies to all resa les of Price Capped For-Sale Housing units:
11. 2 points for ench calendar ye111· of full-time employment in Eagle County. Pa11ial years shall
be awnrded points on a pro-rata basis.
i, Provide evidence of employment by a Qualified Employer ns follows : I) the two most
recent pay stubs and the W2(s) from your employer(s), and you r most recent tnx
returns, or 2) employment contract or other documents that the Progrnm
Administratol' deems 11ecessa1y to mnke 11 detennination, or 3) affidavit from
employer verifying emp loyment plus other documents that the Progrnm Administrator
deems necessmy to mnke a determination.
b. I point for each calendar year of,•esidency in Eagle County up to a maximum of20 points.
Partial years shall be awnrded points on a pro-rata basis,
i. The applicant should provide evidence of Eagle County residency status as follows:
l) copy of lease 01· deed or property tax statem ent, or 2) utility statements from
service provider, 01· 3) other documentation that the Progrnm Administrntor deems
n ecessary to make a determination, such 11s voter registration information, place of
auto mobil e registration, driver's license address and income tax returns.
c. 5 points per Household fo r current owners of Community Housing units .
d. 5 points per Household member with specinl needs as defined by ADA.
e. 25 points for Households earning 200% of AMI or less,
i. Totiil Household AM I shall be oalculiited from two of the most recent pay stubs or
tax returns ofall income earners.
f. l O points for app licants with a household size of3 01· more members when applying for a unit
with 3 or mol'e bedrooms.
g. Points as mandnted by all applicnble inte1·govemmen tal and similar agreements.
The following rnles apply to the selection p1·ocess described above:
a. The physical phlce of residency and employment is relevant; the applicnnt's mailing
address is not.
b. Jftwo indivicluals are applyiugjointly, 1heir points will not be combined .
c , If two individuals are applying, joint income will be considered for Households earning less
than 200% AMI.
d , All clain1s may be verified by the Program Administrator. Cla ims ofresidency or
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employment that cannot be verified will not be counted in determining length of
employment or residency.
e. Eligible Households may have no more th an two occupants per bedroom at any time.
For example, a hou seho ld of 5 people does not qualify for a two-bedroom unit.
f. If there is a tie based upon the selection crite1"ia above, the Pl'ogrnrn Administrator shall
hold a lottery to detennine th e winning applicant. The drawing shall be held by the
Program Administrator during regular business hours and witnessed by the appl icants with
equal point priority, if desired,
4.0.3 Application Process fol' Resident Occupied Fm·-Sale Deed Restricted Community Housing
Units
Households interested in purchasing Resident Occupied For-Sale Housing units mus t submit an
application to the Pl'ogram Administrntol' to certify eligibility p1for to submitting an offer to purchase
a unit.
The application end any accompanying documeutelion will become the property of Progrnm
Administrator and will not be returned to the appJicaut. The Program Administrator will accept new
applic11tions throughout the yeat· on e rolling basi s. The applicant may update an application at any
time.
The application steps are as follows:
a. Obtain an application from the Program Administrntor.
b. Provide evidence of employment by a Qualified Employer as follows: I) the two most recent
pay stubs and the W2{s) from your employer(s), and your most recent tax returns, or 2)
employment contract or other documents that the Program Administrator deems necessa1y to
make a determination, or 3) affidavit fi'om employer verifying employment plus other
documents that the Program Administrator deems necessary to make a determination.
c. Affilm on the application that your Household intends to live in the unit as your Primary
Residence end that no members of your Household own other r ea l estate. If necesse1y, a11
applicant may request an exemption regarding owning other real estate according to Section
4.0.l(b).
There are no selection criteria for resales of Resident Occupied For-Sale Deed Restricted Housing units.
4.0.4 Trust Ownership
An Eligible Household may seek a variance to alJow title of an Community Housing unit to be held
in trnst for the benefit of a natural person who also meets the definition of an Eligible Household
member. Such ownership in trust may only occur in the circumstances provided herein and et the
sole discretion of the Program Adminfatrator.
hi order to request a variance from the strict application of these Guidelines, the applicant shall
submit a letter requesting e special review to the Program Administrator es follows:
a. Community Housing units may be held in b·ust only for the benefit of a natura l person who due
to a physi cal or mental impainnent Jacks the capacity to contract or is prevented by such
impairment from acquiring title to a unlt Jn his or her own name. The letter shall include
documentation of such impairment and the basis for ownership in tru st. It should be noted that
the app licant should submit any additional infomiation reasonably requested by the Program
Administrator to 11llow Program Administrator to process this special request.
b. The beneficiary of the b·ust may not own other real property.
c. The beneficiary of the trust must be of the age of majority to qual ify unde1· this section.
d, The criteria set forth in the Adminisb·ative Procedures may be met so long as the h·ust pre-
qualifies for a loan . Further the trn st must prove an adequate means of ensuring that
expenses associated with ownership, including, but not limited to association dues 11nd
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expenses are met.
e. Upon receipt of a request for a special review nnd nny requested infonnntion and
documentation, the Progrnm Adminish·ator may grant the request with or without conditions,
in a timely manner.
4.0.5 Renlal of Community Housin g by Qu a lified Employers for Employees
Qualified Emp loyers may purchase Commun ity Housing and lease to employees wl10 are members
of Eligib le Households. Qualified Employers may not impose additional deed restl'iction s to
Community Housing without the written consent oflhe Prngram Administrntor.
4.J Owning Com munity Housin g
Section 4.1 addresses requirements for Households that own Community Housing units.
4,1.l Mai nt aini ng Occupancy
The owner of a Community Housing unit shall continue lo use the unit as ils exclusive and
permanent place of residence. The owner ofan Community Housing unit will be deemed to have
ceased to use the unit as its Pdnrnry Residence by accepting permanent employment outside of
Eagle County, by residing in the unit for fewer lhan 9 months out of any 12 month s, or by
registering to vote outside ofBagle County.
4.1,2 Rece rlificntion
Once a Community Housing unit has been purchased, It must continue to be owned and occupied
only by an Eligible Household. On an annual elate set by the Program Admin isn·ator, the owner of
a Community Housing unit, shall submi t the following information to tbe Pl'ogram Administrator;
a , A verification that the owner continues to meet employment and residency requirements, as
applicable; and
b. A statement thal the owner owns no other real prope1·ty with the exceptions prnvided for
here in .
The Progrnm Administrator will provide a paper or electronic form. Failure to provide information
as tequired by the Prngnun Administrator and any applicable deed resh·iction may result in
forfeiture ofnppreclation, a sale mandated by the Program Administrator, or any other available
remedy at law or equity.
4.1.3 Leave of Absence
A lenve of absence for an owner of II Community Housing unit may be granted at the sole
discretion of the Prngram Administrator, subject to clear and convincing evidence that shows the
reason for leaving and a commitment to reh1rn. Said evidence shall be in written form nncl
presented to the Program Administrntor for review and decision prior to the owner leavi1ig. The
leave of absence shall be for one year and may, at the discretion of the Program Admin istrator, be
extended up to one additiom1l year, but in no event shall it exceed two years. In the case of an
approved leave of absence, the owner sh nil only rent to 1111 Eligible Household.
Rents charged during a leave of absence may not exceed the lesser of l) Maximrnn Rental Rates for
For Rent Deed Restricted Co mm un ity Hous ing at 80% AMI or 2) lhe owner's monthly housing
expenses. The tenant must submit a complete application and receive approval from the Program
Administrator. The owner sha ll provide a copy of the executed lease agreement between the owner
and tenant lo the Program Administrator.
If a Commun ity Housing unit is listed For-Sale ancl !he owner ha s relocated outside of Eag le
County, the unit may, upon approva l of the Pmgram Administrator, be rented to an Eligible
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Household prior to completion of the sale.
4.1.4 Short Tenn Leases
Short term leases are not permitted in Community Housing units. A short-term rental is defined as a non-owner
providing compensation to lodge in anothel' owner's property for periods of less than thirty (30) days. Owners
shall not advertise any part of their Community Housing unit available for short term lease on any open, public
forum such as Airbnb, VRBO, Homeaway or equivalent.
4.1.5 Foreclosure
In the event of a foreclosure 01· of acceptance of a deed in lieu of foreclosure by the ho Ider of a
promissory note secured by a first deed oftrnst on an Community Housing unit, ECHDA, Eagle
County, or its assigns shall have the option to purchase the unit, which option shall be exercised as
set fort11 in the deed restriction. The owner has an obligation to notif)' the Program Administrator
in writing once the owner perceives a foreclosure difficulty.
4.2 Sales of Community Housing Units
Section 4.2 addresses requirements for Households that are selling Community Housing units.
4.2.1 Listing Units
All Community Housing units must be listed For-Sale with the Program Administrator or its
designee or as specified by its deed restriction.
The owner/seller of Community Housing must follow these steps:
a. Execute a standard Listing Contract on forms approved by the Program Administrator.
b. Consult with the Program Administrator to review the deed restrictions recorded against the
unit to determine the Maximum Resale Price and other applicable provisions concerning a
sale.
c. The Program Administrator shall administer the sale in accordance with the requirements in
effect at the time oflisting.
d. The owner may consult legal counsel regarding examination of title and all contracts,
agreements and title documents. The retention of such counsel, licensed real estate
brokers, or such related services (excluding all sales fees), will be at the owner's own
expense and shall not be included in the calculation of the Maximum Resale Price.
4.2.2 Inspection Prior to Sale
The Owner shall commission a listing inspection by a listing inspector certified by the Program
Administrator before executing a listing contract to determine the condition of the unit.
a. The owner shall pay for the cost of the inspection at the time of inspection.
b. The inspector shall furnish a written report to the owner and the ProgramAdministrator.
c. This information shall be fumislied to the purchaser as a part of the seller's property
disclosure once a purchase contract has been executed.
d. The inspection will be valid for no more than 60 days.
The owner shall replace or repair any items that are identified as unsatisfactmy in the report at
market value or reduce the listing price accordingly.
4.2.3 Sales Fees
Unless otherwise set forth in the deed restriction recorded against an Community Housing unit, at
the closing of the sale, the owner/seller shall pay the Program Administrator or its designee a sales
fee of2% (two percent) of the sale pl'ice.
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a. The owner/seller must deposit 0.50% (one half percent) of the list price with the Program
Achninish·utor upon listing the unit for sale, known as the listing deposit.
b. ln the event that the owner/seller fails to perform under the listing contract, rejects nil offers,
m· withdraws the listing after advertising has commenced, the owner/seller slu1II not be
refunded the listing deposit.
c. The listing deposit shall be considered a budgeted amount for advertising nnd adminish·ative
costs that will be incurred by the Program Aclministratot·. If the Program Administrntor incurs
1111y additional costs, the owner/seller will be notified in advanced by the Program
Administrntor and shall be responsible for those additional costs.
4.2.4 Closing Costs
Sellers of Community Housing shall not permit any prosp ective buyer to assume any of the seller's
customary closing costs, lncludlng th e fees set forth herein, nor accept any other consideration that
would increase the purchase price above the Maximum Resale Price so 11s to induce the seller to sell
to such prospective buyer.
4.2.5 Mnxlmum Res11 le Pt·lce
No owner ofa Price Capped For-Sale Housing nnit shall sell the unit for an amount greater than lhe
Mmdmum Resale Price for the unit. Maximum Resale Price will be calculated as follows : Base
PJice + Appreciation of Base Price+ Permitted Capital 1mprovements -Depreciation of Capital
Improvements + Snles Fee= Maximum Resale Price.
There are no resale price limitat ions on Resident Occupied For-Sale Housing units.
4.2.6 Increnses to Base Pl'ice and Permitted Capital Improvements
Certain improvements to a unit may be included in a unit's Maximum Resale Price. The following
table outlines the costs that may be included in an owner's base price, item s which will not be
considered Permitted Capitn l Improvements, items which will be allowed as Permitted Capital
Improvements and depreciated on a five year schedule and items wl1ich will be allowed as
Permitted Capital Improvements and depreciated on a twenty year schedu le.
Items included in Bnse Pl'ice
o Purchase price, including garage, lotpremimn,
heating systems and water heaters
The following items m11y be included in base price
with the written approval of the Program
Achnlnistrnto1· prior to the commencement of the
work:
o Structural addition or addition of livable space
including bathrooms, bedrooms, exteriordoor,
interlor doors, baseboard, window casing,
insulation and plumbing (exclndingfixtlll'es)
a Moclificntions or improvements to
accommodate a person with a disability as
defined in the Americans with Disabilities Act
ofl990
o Roofreplacement
Items which nre NOT Permitted Cnpltal
Improvements
• All work performed without th e issuance ofa
building permit
• Jacuzzis, saunas, steam showers, hot tubs, etc.
• Mainlen1111ce of existing fixtures, appliances,
plmnbing, meclrnnlca l systems, pninting,
clean ing, etc. and improvements to existing
fixtures
• Decorative item s including window
coverings,lamps and lighting not affixed to walls
or ceilings, bath towel bars and hooks, etc.
o Interior paint
• Cost of tools
o Equipment Rental
o Removable items not attached to the unit
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Items depreciated on 5 year schedule
@ Replaced appliances
o Washer and dryer (including stackable)
o Carpet upgrades including pad
0 Permanent fitted window blinds
o Garage door openers
o Gutters and downspouts
o Secmity system
e Electric firep1ace
o Exterior paint
Items depreciated on 20 year schedule
e Flooring and countertop upgrades including
hardwood, stone, slate, granite, marble, tile, etc.
o Light fixtures (electrical fixtures & wiring)
o Plumbing fixtures including sinks and toilets
e Cabinets including vanities
e Closet organization systems
o Trees and permanent landscaping includingsod,
concrete pads, concrete pavers, etc.
e Outdoor decks
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o Ceiling fans o Irrigation system
• Storm doors • Fencing
• Laminate flooring • Gas fireplace
• Building permit fees • Windows
• Improvements for health and safety protection • Solar Panels
• Asphalt roof shingles (single family & duplex)
Unless otherwise identified in the recorded deed restriction, the actual costs of Pe1mitted Capital
Improvements made to a unit shall not exceed I 0% oflhe Initial Sales Price for a five-year tenn,
regardless of changes in ownership, Fo r every subsequent five-year pel'iod, an additional I 0% of
the value of the unit at the beginning of that five-yea1· period may be added as Perm itted Capital
Improvements. The five-year period for Permitted Capital Improvements shall not reset merely
upon resale. No costs incmTed in one five-year term may be rolled into a different five year term,
For an owner to request that Permitted Capital Improvements be added to the Maximum Resale
Price, he or she must comply with the following:
a. Upon completion of the work, Progl'am Administrator requests the following:
i. Legible copies ofreceipts and invoices
ii . Proof of payment by a third party
iii. Owners must retain original receipts and invoices
b. In calculating the costs allowed as Permitted Capital Improvements, only the owner's actual
out of pocket costs and expenses shall be e ligible for inclusion. Such amount shall not
include an amount attributable to owner's labor, or that of their employees or business, or to
any appreciation in the value of these improvements .
c. If an owner pays cash for improvements, the owner must provide third party documentation of
payment. An owner must have an invoice for improvements, but ifno such documentation of
proof of cash payment can be produced, the Program Administrator can inspect the
improvement completed in the unit. Up to 75% of documented invoice value may be
included after an inspection, subject to depreciation, at the Program Admin ish·ator's sole
discretion,
d. Work that requires and is performed without the issuance of all required building pennits or
prop erty owners' associat ion approva l will not be included as a Permitted Capital
Improvement.
e. The value of the Pe1mitted Capita l Improvements will be added to the appreciated value of the
unit Ht the time of sale. No appreciation is allowed on Permitted Capitallmprovements.
f. Other improvements to the Community Housing unit are allowed, but adjustments to
the Maximum Resale Price will only be given for Permitted Capital Improvements.
If a Permitted Capital Improvements or an improvement included in the base price of the unit is
removed or is no longer operationa l, the actual cost of the improvement shall be deducted from the
base price or Permitted Capita l Improvement schedule. No other categories or types of expenditmes
may qualify as Perm itted Capital Improvements unless pre-approved in writing by the Program
Administrator.
4.2.7 Other Title Transfers
In the event that title to an Community Housing unit transfers, through descent 01· other method, to
a person or entity that is not an Eligible Household, the Non-Eligib le Household must notify the
Program Administrator of its intent as outlined below within 90 days of taking t itle to the unit.
a. The Non-Eligible Household may list the unit For-Sale, following the procedures outlined
herein.
b. The Non-Eligible Hou sehold shall have one year to become an Eligible Household. In the
event the Non-Eligible Household is unable to become a n Eligible Household in one year then
the unit shall be listed For-Sale as prov ided herein.
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c, Non-Eligible Households shall not: 1) occupy the Community Housing unit; 2) rent all or any
part of the Community Housing unit, except in strict compliance with these Guidelines; 3)
engage in any other business activity on or in the Community Housing unit; 4) sell or
otherwise h·ansfer the Community Housing unit except in accordance with these Guidelines or
corresponding deed restriction.
d. The Program Administrator may require the Non-Eligible Household to rent or sell the
Community Housing unit in accordance with the provisions of these Administrative
Procedures.
CHAPTER 5 -INFORMATION FOR RENTERS OR MANAGERS OF COMMUNITY RENTAL HOUSING
5.0 Application Process
Eligible Households must be given priority for Community Rental Housing units, unless prohibited by other
funding sources, Households must meet all other requirements of the deed restriction, including Area Median
Income limits,
The owner/manager must document how eligibility and income was confirmed and must keep a record of
any documents supp01ting the eligibility and income determination,
5.1 Records Inspection
TI1e Program Administrator has the right to inspect the owner/manager's records on an annual basis to
ensure compliance with the deed resh'iction.
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CHAPTER 6 -TABLES
Table 6.1-Maximum Initial Sales Price Calculations
Tuble 6,1 -Maximum Inltlnl Sales Pdce Calculnllons undated 7/22/19
Studio lBdnn 2Bdnn 3Bdnn 4Bdnn
Household Size l 1.5 3 4.5 6
100%AMI $ 65,800 $ 70,500 $ 84,600 $ 97,760 $ 109,040
Mnx Monthly Housing Payment 30% $ 1,645 $ 1,762.50 $ 2,115 $ 2,444 $ 2,726
Property Tax, Insurance, HOA 20% $ 329 $ 353 $ 423 $ 489 $ 545
Mnx Mortgage Payment $ 1,316 $ 1,410 $ 1,692 $ 1,955 $ 2,181
Mnximum Mortgage Amow1t* $ 203,000 $ 217,000 $ 260,000 $ 301,000 $ 336,000
Less: Closing Costs** 1.5% $ 3,045 $ 3,255 $ 3,900 $ 4,515 $ 5,040
Plus: Downpayment 10% $ 22 894 $ 24473 $ 29.322 $ 33946 $ 37893
Maxinuun Sales Price $ 228 939 $ 244728 $ 293 222 $ 339 461 $ 378 933
* Assumes n mortgage runortized over 30 yen rs with an interest rate of 6. 77% which was detennined by using the
FHLMC (Freddie Mac) mortgage roto average over 30 years.
** Includes all closi111r costs such 11s Orilrinalion Fees Recordit1I! Fee Document Fees Annraisal Title Fees.
Table 6.2 -Maxim um Monthly Rental Rates
Table 6.2 -Maximum Monthly Rental Rates
HUD Release Date undated 7/22/19
Unit Size
Studio 1 Bdrm 2Bdrm 3 Bdrm 4Bdrm
140% $ 2,303 $ 2,468 $ 2,961 $ 3,422 $ 3,816
¥l 120% $ 1,974 $ 2,115 $ 2,538 $ 2,933 $ 3,271
'§ 100% $ 1,645 $ 1,763 $ 2,115 $ 2,444 $ 2,726 ....
....:1 80% $ 1,316 $ 1,410
11)
$ 1,692 $ 1,955 $ 2,181
El 75% $ 1,234 $ 1,322 $ 1,586 $ 1,833 $ 2,045 8 70% $ 1,152 $ 1,234 $ 1,316 $ 1,481 $ 1,645 ..s
60% $ 987 $ 1,058 $ 1,269 $ 1,466 $ 1,636
50% $ 823 $ 881 $ 1,058 $ 1,222 $ 1,363
All ongoing fees required to be paid by a resident (including but not limited to utilities and
mandatory parking fees) must be included within the Maximum Rental Rate.
Rents based on 1.5 persons per bedroom.
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Table 6,3 -Area Median Incomes
Tnble 6.6 "Aren Median Incomes
HUD Release Date Aoril 24. 2019
Household Size
I person 2 person 3 oerson 4 oerson 5 oerson 6oerson
160% $ 105,280 $ 120,320 $ 135,360 $ 150,400 $162,432 $174,464
:I 140% $ 92,120 $ 105,280 $ 118,440 $ 131,600 $ 142,128 $ 152,656
120% $ 78,960 $ 90,240 $ 101,520 $ 112,800 $ 121,824 $130,848
,-l 100% $ 65,800 $ 75,200 $ 84,600 $ 94,000 $101,520 $109,040 ~ 80% $ 52,640 $ 60,160 $ 67,680 $ 75,200 $ 81,216 $ 87,232 ] 60% $ 39,480 $ 45,120 $ 50,760 $ 56,400 $ 60,912 $ 65,424
50% $ 32,900 $ 37,600 $ 42,300 $ 47,000 $ 50,760 $ 54,520
Table 6.4 -Historical Wage Appreciation Data
Table 6.7 -Historical Wa!!e App1•eciation Data updated 7/22/19
US Department of Labor Average Weekly Wages for Eagle County
Year 01 02 03 04 Annual Annual.
2002 $ 578 $ 624 $ 603 $ 668 $ 617
2003 $ 609 $ 636 $ 638 $ 685 $ 641 3.89%
2004 $ 599 $ 670 $ 659 $ 724 $ 662 3.28%
2005 $ 645 $ 674 $ 709 $ 777 $ 701 5.89%
2006 $ 730 $ 704 $ 776 $ 791 $ 750 6.99%
2007 $ 741 $ 747 $ 759 $ 824 $ 768 2.40%
2008 $ 774 $ 752 $ 781 $ 837 $ 786 2.34%
2009 $ 725 $ 735 $ 770 $ 806 $ 757 -3.69%
2010 $ 692 $ 730 $ 768 $ 814 $ 749 "1.06%
2011 $ 703 $ 742 $ 771 $ 793 $ 751 0.27%
2012 $ 726 $ 754 $ 743 $ 794 $ 754 0.40%
2013 $ 740 $ 768 $ 775 $ 834 $ 778 3.18%
2014 $ 757 $ 791 $ 793 $ 871 $ 802 3.08%
2015 $ 789 $ 819 $ 812 $ 899 $ 829 3.37%
2016 $ 787 $ 827 $ 852 $ 890 $ 838 1.09%
2017 $ 852 $ 833 $ 858 $ 918 $ 865 3.22%
2018 $ 856 * $ 839 * $ 888 * $ 945 * $ 882 * 1.97%
* Preliminary. subject to change.
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Table 6,5 -Size of Deed Restricted Units in Engle County
Table 6 8 Size of Deed Restl'icted Units .
Deed Restriction # Units Averai:ze Total SF
Miller Ranch 282 1,310 369,459
Brett Ranch 156 1,163 181,362
Red Draw 4 900 3,600
Riverwalk 59 892 52,620
Bluffs 4 1,716 6,864
Avon 62 727 45,104
Vail* 100 1,255 125,497
Eagle 23 1,549 35,628
Eagle Ranch 51 1,398 71,317
ERWSD-various locations 57 1,302 74,216
Stratton Flats 21 1.652 34692
Total/ A verai:ze 819 1221 1.000359
Tnble 6.6 -Affordability Gap
Tnble 6.10 Affordnbllltv Gnn
Town/Neighborhood Avernge Home Sales Avernge Weekly Averoge Household Affordability Gap Price"' Wa1>e fhv zin code\ Buvin!! Power**
Beaver Creek. Bachelor Gulch $ 2,239,607.09 $776 $ 346,115 $ 1,893,492
Cordillera, Lake Creek $ 1,650,893.62 953 $ 424,235 $ 1,226,659
Vail $ 2,247,610.16 $922 $ 410,130 $ 1,837,480
Arrowhead $ 1,780,252.94 $953 $ 424,235 $ 1,356,018
Wolcott $ 1,621,173.08 $1,072 $ 477,400 $ 1,143,773
Countvwide $ 1,191,984.)3 $871 $ 388,430 $ 803,554
Edwards $ 862,393.68 $953 $ 424,235 $ 438,159
Basalt (in Eagle County) $ 775,090.63 $883 $ 392,770 $ 382,321
El Jebel (in Eagle Countv) $ 709,517.53 $856 $ 380,835 $ 328,683
Minturn. Red Cliff $ 756,964.29 $803 $ 358,050 $ 398,914
Eagle $ 616,249.50 $920 $ 410,130 $ 206,120
Eagle-Vail $ 679,175.71 $776 $ 346,115 $ 333,061
Avon $ 653,317.07 $776 $ 346,115 $ 307,202
Rural (in Eagle County) $ 360,000.00 $806 $ 359,135 $ 865
GvMmtt $ 447691.35 $884 $ 393-855 $ 53 836
* Based on 2018 residential imnroved transactions
*"' Based on 2 workers oer household using 2018 OCEW wage data mozfaa!!e rate of 4.5%.
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Table 6.7 Historical Freddie Mac 30-Year Mortgage Rates
Table 6.11 Historic Morhm!!e Rates -Freddie Mac updated 7/22/19
Year Rate Points Year Rate Points
1 1989 10.34% 2.10% 17 2005 5.87% 0.60%
2 1990 10.13% 2.10% 18 2006 6.41% 0.55%
3 1991 9.25% 2.00% 19 2007 6.34% 0.40%
4 1992 8.39% 1.70% 20 2008 6.03% 0.60%
5 1993 7.31% 1.60% 21 2009 5.04% 0.70%
6 1994 8.38% 1.80% 22 2010 4.69% 0.70%
7 1995 7.93% 1.80% 23 2011 4.45% 0.70%
8 1996 7.81% 1.70% 24 2012 3.66% 0.70%
9 1997 7.60% 1.70% 25 2013 3.98% 0.70%
10 1998 6.94% 1.10% 26 2014 4.17% 0.60%
11 1999 7.44% 1.00% 27 2015 3.85% 0.60%
12 2000 8.05% 1.00% 28 2016 3.65% 0.50%
13 2001 6.97% 0.90% 29 2017 3.99% 0.50%
14 2002 6.54% 0.60% 30 2018 4.54% 0.50%
15 2003 5.83% 0.60% 6.38% 1.03%
16 2004 5.84% 0.70% Points 0.38% *
All-In Rate 6.77%
* 1 point tvoicnllv buys between .25% and .50% interest rate reduction
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DocuSign Envelope ID: 6F0F9AE9-5421-493F-80F6-3EA6B22C315E
To: Mayor and Council
From: Scot Hunn, Planning Director
Date: May 14, 2021
Agenda Item: Resolution No. 14, Series 2021-Housing IGA
REQUEST:
Review of the resolution and Intergovernmental Agreement (IGA) by and between the Town of Minturn
and the Eagle County Housing and Development Authority.
INTRODUCTION:
The attached resolution and IGA is presented for consideration by the Town Council following adoption
of the Town of Minturn lnclusionary (Community) Housing Ordinance in July 2020.
ANALYSIS:
The attached resolution and IGA between the Town and the Eagle County Housing and Development
Authority (ECHDA) has been discussed since adoption of the Town's housing ordinance, housing
guidelines and housing administrative procedures in July 2020 as the primary mechanism to ensure that
the Town's ordinance, guidelines and administrative procedures are properly and professionally
administered to achieve the Town's affordable, community housing goals and objectives.
Therefore, the Intent of the IGA is to contract with ECHDA to provide administrative services and
expertise via the "Valley Home Store" In return for compensation for the review of new residential
developments in the Town as well as other services pertaining to the creation and/or preservation of
locals,' or community housing in Minturn.
This agreement is needed to ensure that the Town's housing guidelines and administrative procedures
(two separate documents) are properly interpreted, enforced and amended from time to time to adjust
to market conditions, public policy changes, and best practices over time.
The IGA permits annual renewal through administrative action and can be terminated by either party
with proper notice.
COMMUNITY INPUT:
Since 2019, several members of the development community and the general public have been involved
and have testified during publicly noticed Planning Commission work sessions and public hearings as
well as Town Council hearings related to the drafting and adoption of the Town's first inclusionary
(Community) housing ordinance. Public notice for the May 19, 2021 Council meeting was provided in
accordance with the Minturn Municipal Code as a matter of posting of the official agenda and packet
materials for public review prior to the hearing, as well as the requirements in Section 16-21-610 of the
Minturn Municipal Code.
BUDGET/ STAFF IMPACT:
PO Box 309 • 302 Pine St • Minturn, CO 8164S • www.ml nturn.org • lnfo@mlnturn.org • 970-827-5645
DocuSign Envelope ID: 6F0F9AE9-5421-493F-80F6-3EA6B22C315E
Compensation amounts and terms are listed in the IGA and will be billed monthly. Compensation terms
and amounts may be amended from time to time administratively by the Town Manager.
STRATEG IC PLAN ALIG NMENT:
The Town Council's review and approval of the resolution and IGA a l igns with the following key
strategies:
PRACTICE FAtn, TRANSPARENT ANO COMMUNICATIVE lOCAL GoVERNMENf
THE TOWN WILL SEEK TO MAKE l n r S 4~ WITH A ) ..Ji or ·o ·~ I fl ~, ." WITH AN
' 'i APPROACH TO ALL ASPECTS OF LOCAL GOVERNMENT AND A FOCUS ON THE r ,1 ,I , ·t \ THE TOWN COUNCIL
AND STAFF ARE COMMITTED TO SERVING MINTURN WITH THE HONESTY AND INTEGRITY EXPECTED OF A SMALL-TOWN
GOVERNMENT.
ADVANC · DECISIONS/PROJECTS/INJTlATIVES THAT EXPAND FUTURE OPPORTUN ITY ANO VtABILITV
FORMlrHURN
The ability for Minturn to approach development as , ~!11:'11 S'b. ·n , en,· 1• ~ r I ~rse and
specifically recognizing and acti ng on the need to permit flexibilfty in certain Code requirements and/or
to make adjustments based on best practices will a llow the town to continue embracing what has
1 uP ~ IIM I n, r 1 'lturn The town can further leverage its crossroads location as a valley-wide benefit
and compethr~ aovanta e.
RECOMMENDED ACTION OR PROPOSED MOTION:
Approve the following resolution:
"Reso lution No.14, Series 2021, A Resolution of the Town of Minturn, Colorado approving a n
Intergovernmental Agreement between the Town of Minturn and the Eagle County Housing and
Development Authority for housing services."
ATTACHMENTS:
• Resolution No. 14, Series 2021
• Housing IGA
PO Box 309 • 302 Pine St • Minturn, CO 81645 • www.mlnturn.org • lnfo@mlnturn .org • 970·827·5645
DocuSign Envelope ID: 6F0F9AE9-5421-493F-80F6-3EA6B22C315E